Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)

Saudi Arabia announced on Tuesday that it will host, for the first time, the 22nd edition of the World Travel & Tourism Council (WTTC) Global Summit, which will be attended by a prestigious gathering of tourism leaders.

The event will feature a metaverse experience created for potential investors to explore opportunities and take part in some of the sessions that will be livestreamed from the Saudi capital.

Held under the slogan, “Travel for a Better Future”, this year’s Global Summit will bring together investors from around the world to discuss the pressing issues affecting the post-pandemic travel and tourism sector.

A press release noted that the use of the metaverse at the Summit was “a practical example of how the Kingdom is already implementing its pioneering three-year Digital Tourism Strategy that was launched in 2022 as the next step in its development of the sector.”

The statement said that over the next three years, Saudi Arabia plans to encourage experimentation to allow technology innovators to test new digital tourism solutions, to support tourism related extended reality applications and to incorporate technology that makes Hajj visits safer and more efficient than ever for millions of pilgrims. The use of this technology at the Summit is another important step along that road.

Saudi Arabia’s Minister of Tourism, Ahmad Al Khateeb said: “WTTC will be held in Riyadh as tourism enters a new era of recovery… We welcome the world to join us virtually in our metaverse.”

He continued: “Bringing together global leaders from both the public and private sectors, the summit will be fundamental in building the better, brighter future the sector deserves and technology and innovation will be key to our collective future success.”

Saudi Arabia has already started investing in tourism plans that promote innovation, most notably the NEOM city, which has become the most ambitious tourism project in the world. This future city, which is being developed in the northwest of the Kingdom, will be a global showcase for pioneering design and exciting digital experiences, featuring smart cities and research areas.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.